Getting out of IT and into a business function, even just as a temporary stint before returning to IT, is beneficial for this next generation of CIOs. For example, says Cowan, IT professionals working in telecom companies can benefit from experience working in product development or product marketing, since telecom companies are so focused on engineering new products and services. IT professionals working in the banking industry would be wise to work in one of the service or product departments, such as front office trading or sales, he adds.

Another career path that will breed successful CIOs is to start out in a business function, such as finance, manufacturing or supply chain, and move into IT through a project like an SAP implementation. Some people make that move, stay in IT and eventually become CIO. This could very well be the path the Rhode Island Blood Center's Reynolds is on.

Reynolds says he plans to continue to hone his technical, financial, business and soft skills with the goal of someday becoming a great CIO. "The ability to work with other managers, truly understand their daily activities and anticipate their needs is an invaluable skill for an IT professional," he says.

What exactly about the CIO role appeals to him? "When you're at that level, you've every bit as influential as any other member of the company," says Reynolds. "What project doesn't run through the IT department?"